Definition - What does Credit Union mean?
Credit union is a type of cooperative institution whose ownership and control remains with its members. The main purpose of credit union is to secure savings, offer loans to its member, and also to provide fair interest rates. They are an alternative to using a traditional bank.
Justipedia explains Credit Union
The members of credit union usually belong to the same occupation or are a member of the same community. Almost all the functions of any credit union are subject to federal and state laws. National Credit Union Administration, also known as NCUA, is responsible for supervising federal credit unions.